Gold can be a good investment during inflationary times. But where are gold prices headed now?
Inflation has been high for quite some time. While the Federal Reserve has been actively trying to tame it, many consumers still feel the burn — struggling with higher prices, higher interest rates and more.This has led to increased interest in gold investments, as many consider it a smart hedge against inflation and a good way to safeguard wealth in troubling economic times.Is it, though? That depends on where the price of gold goes — both now and in the future.
' Just how high could gold prices go, though? Ebkarian says a lot of factors will play a role, including inflation, Federal Reserve moves, the geopolitical climate and even the upcoming US presidential election. 'In the runup to the 2024 election, if it's viewed that the elected administration intends to implement expansive fiscal policies — increased government spending, tax cuts, etc. — it could lead to more inflationary pressure,' Ebkarian says.